Marks & spencer cash isa

bbcobmike

With my Legal & General cash ISA maturing I thought I would transfer to M&S especially as they said they would take care of everything for the transfer and I had unlimited access to the funds without penalty.
So I filled out the application and also included a copy of the L&G ISA certificate to make sure all references were correct.

All went well at first with quick letters of confirmatioin etc. Then the M&S letter came saying L&G had told them that the reference supplied was not for an ISA and would I contact M&S by telephone.

50mins hanging on the M&S phone was enough so I wrote to them pointing out that I had included a copy of the ISA certificate with reference no etc and that I expected them to be able to contact L&G. Also complained about the time hanging onto their call centre.

A week late a reply saying they were looking into the matter which might take one month but could take two!! You would have thought M&S would have called me but no.

Unbelievably bad service and I will be putting my money elsewhere. Probably with RBS 8% 5 year kick out scheme

innovate

bbcobmike wrote: »

With my Legal & General cash ISA maturing I thought I would transfer to M&S especially as they said they would take care of everything for the transfer

This is nothing special - all cash ISA providers must, by law, make the transfer for you. They also must complete it within a given timeframe. http://www.bba.org.uk/media/article/revised-version-of-the-cross-industry-cash-isa-to-cash-isa-transfer-guideli

However, was your L&G ISA a straight-forward cash ISA? I suspect it probably is some sort of 'wolf in sheep's clothes' - i.e. a structured product posing as a cash ISA. Unless the underlying structured bond has matured, M&S probably have problems transferring this to the straight cash ISA they are offering. All straight-forward cash ISA providers would have this problem, not just M&S.

bbcobmike wrote: »

Unbelievably bad service and I will be putting my money elsewhere. Probably with RBS 8% 5 year kick out scheme

Read this regarding the RBS scheme https://forums.moneysavingexpert.com/discussion/2972770

bbcobmike

The L&G ISA was part of an L&G/RBS 11% kickout scheme that in fact kicked out after two years paying 22%

L&G have transfered the funds to a general 0% account. I expected M&S to contact L&G after the semi automated transfer system didn't work and do the job they claimed they would do.

I have today just had a letter from M&S saying they are looking into it and will try and get back to me within a month but it might take two months....in which case they will write to me again.

I like the current RBS kick out scheme which even allows a 10% reduction in FTSE.